TAB New Zealand missed budget in terms of turnover and revenue in May as softening economic conditions outpaced the easing of lockdown measures.
In its monthly trading update, the betting business said turnover of NZ$202.7m (USD$124.3m/€119.4m/£103.5m) was 3.6% below budget and gross betting revenue (GBR) of $32.0m was down on budget by 4.4%. The gross betting margin (GBM) of 15.8% was 0.1% below budget.
Reported profit for the month was $10.8m, which was $2.4m below budget. Operating expenses were $10.6m for the month, which was $0.4 above budget.
Tab NZ said the key performance results for May were in line with the overall positive trends of the 2021/22 financial year.
Average NZ thoroughbred starters per race was 10.7, slightly above the year-to-date average of 10.6, while the peak turnover for a domestic meeting was $1.9m on 14 May for the Campbell’s Infrastructure Cup Day at Arawa Park.
The top sporting event by turnover for April was the Warriors vs Sharks NRL match at $0.58..